Introduction
Product management interviews can be challenging, and one of the more complex aspects is showcasing your ability to innovate and address user needs effectively. A common question you might encounter is related to designing an app or product that fulfills a specific requirement or solves a particular problem. In this blog post, we will dive into the process of answering a question on designing an app for new college graduates to invest in the stock market. Understanding frameworks and strategies from ‘Decode and Conquer: Answers to Product Management Interviews’ by Lewis C. Lin will sharpen your answer to impress the interviewers.
Detailed Guide on Framework Application
Picking the Right Framework
For a question on designing an app, the CIRCLES Method™ framework is an excellent choice. This method ensures that you cover all aspects of product design in a structured manner.
Applying the CIRCLES Method™ Framework
- Comprehend the Situation: Start by understanding who the target users are, what their needs are, and why they need an investment app. In this case, the users are new college graduates who likely have minimal knowledge of investing and are looking for ways to grow their wealth.
- Identify the Customer: Profile the user base further. These are individuals in their early twenties, possibly with student loan debt, who are just starting their careers and have varying levels of disposable income.
- Report the Customer’s Needs: Highlight the needs, such as educational resources, easy-to-understand market data, guidance on making first investments, and user-friendly interfaces.
- Cut Through Prioritization: Prioritize features based on user needs and the impact they can have. Educational content and guided investment options should be at the top, given the inexperience of the user base.
- List Solutions: Brainstorm potential features for the app, like tutorials, risk assessment tools, and suggested portfolios based on user preferences and risk tolerance.
- Evaluate Trade-offs: Consider constraints such as development time, budget, and legal compliance issues when choosing which features to implement first.
- Summarize Recommendations: Conclude your answer with a clear, concise recommendation for the app that involves a phased rollout starting with the most critical features.
Examples and Fact Checks
Imagine a feature within the app called “Investment 101” that offers a series of short, interactive tutorials on stock market basics, which is followed by a quiz. Fact-checking might include ensuring that the educational content is accurate and compliant with financial regulations. An approximation for the level of complexity might be optional quizzes at the end of each tutorial to gauge user understanding — remembering that the exact content would be developed by financial experts.
Effective Communication During the Interview
It’s important to articulate your answer clearly, speaking at a measured pace, and ensure you’re making eye contact with your interviewers. Using visuals such as drawing the app’s interface or user journey can also enhance your answer.
Conclusion
Approaching product design questions with a structured framework like CIRCLES can greatly improve the quality of your answer. Remember to empathize with the user, prioritize features logically, and consider development constraints. Practice applying these frameworks regularly, and you’ll find yourself well-prepared to tackle product design questions during your FAANG interviews.